«Economic Analysis of Law» and Jurisprudence: Differences and Common Approaches

Abstract

The article analyses general approaches to the research program and training discipline "Economic Analysis of Law." The author argues that there is a need to distinguish between such research areas as "Law and Economics" and "Economic Analysis of Law." The paper provides arguments in support of such a distinction. Further, the author describes the main features "Economic Analysis of Law." In a very general sense, the paper defines methodological and ideological foundations of this direction of scientific research. It is argued that "Economic Analysis of Law" is one of manifestations of a broader phenomenon called "economic imperialism." In the author's opinion, "Economic Imperialism" represents an attempt to spread neo-classical economic theory and neo-institionalism in non-economic spheres of the society (i.e., an economic approach to all social issues). The key concepts of "Economic Imperialism" are scarcity, price, alternative costs, benefits Then, the author studies the attitude of domestic legal scholars to the "Economic Analysis of Law." However, three groups of scholars are determined: first, scholars who are skeptical about this phenomenon; second, scholars who accept it but with a critical bias; third, scholars, who favor this phenomenon, but interpret it in a slightly different way than it is traditionally done in Western science. The author proves the need for studies covering adjoining issues of law and economics. The author provides arguments in support of this point of view To sum up, the author concludes that the need for research at the confluence of law and economics is now evident not only in the legal science but to the same extent in the economic science At the same time, the interaction of sciences should be carried out on an equal footing, and adjustments should apply to both branches of knowledge In this regard, the prospects for research in "Law and Economics" could be one of the most promising directions for development, both in jurisprudence and in economics